Rhode Island VA Loans
Whether you receive PCS orders to relocate to Rhode Island or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Rhode Island has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Rhode Island landing at $690,952, the VA loan’s signature $0-money-down benefit is a considerable advantage for Rhode Island homebuyers.
See also: VA Loan Options for Other States
How to get a VA Loan in Rhode Island
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Providence, RI, you'll need to find a lender licensed in Rhode Island to do the loan.
Other Considerations for Getting a VA Loan in Rhode Island
VA borrowers in Rhode Island should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
Rhode Island VA Loan Limits
VA borrowers in Rhode Island with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, Veterans without their full VA loan entitlement are still bound to Rhode Island’s VA loan limits.
As of January 1, 2024, VA loan limits for all counties in Rhode Island are $766,550.
Property Taxes in Rhode Island
Another consideration for VA buyers in Rhode Island is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Rhode Island if you meet one of the following conditions:
- A disabled veteran may receive an exemption on their residence
- The exemption amount varies based on the county, the value of the property, and the exemption category that the veteran qualities for
- There are seven categories: Veterans’ regular exemption, Unmarried Widow of Qualified Veteran, Partially Disabled Veteran, Totally Disabled Veteran, Prisoner of War exemption, Gold Star Parents’ exemption, and Specially Adapted Housing exemption
If you are required to pay property tax in Rhode Island, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
| County | Property Tax Rate |
|---|---|
| Bristol County | 1.61% |
| Kent County | 1.78% |
| Newport County | 1.22% |
| Providence County | 1.79% |
| Washington County | 1.31% |
How VA Loans Work in Rhode Island
View the graphic below to learn more about how VA loans work in Rhode Island.
